As you get closer to retirement, the decision of when to take Social Security can feel bigger than it looks on paper. It is not just about picking an age and turning on a benefit. It is about making a thoughtful choice that fits your income needs, tax picture, spouse or survivor considerations, and the kind of retirement you are trying to build. If only every retirement decision came with a large, friendly “easy button.”
At a basic level, Social Security retirement benefits are built around your work history and the age you choose to start receiving them. You can file as early as age 62, but starting early usually means accepting a permanently reduced monthly benefit. “Full retirement age” is the age when Social Security says you are eligible for your full, unreduced retirement benefit, and it depends on the year you were born—currently somewhere between 66 and 67 for many people approaching retirement, and 67 for those born in 1960 or later. You can also delay benefits beyond full retirement age, up to age 70, which can increase your monthly benefit. Married couples also need to think beyond one person’s check, because spousal and survivor benefits can make the timing decision more meaningful for the household as a whole. In other words, this is not just a “me and my benefit” decision, it is often a family income decision.
Filing decisions have become a little simpler than they used to be. Some of the more complicated strategies, such as “file and suspend” or filing only for spousal benefits while letting your own benefit grow, are no longer available for most retirees. In addition, the Social Security Fairness Act eliminated the old WEP and GPO rules that reduced benefits for many people who also received a pension from work not covered by Social Security, such as Colorado PERA. But simpler does not mean unimportant. The timing of your filing decision can still affect your lifetime income, survivor benefits, taxes, and how much you need to draw from your portfolio, so it is worth making the decision with good information and a well-thought-out plan.
The truth is the best age to take Social Security depends on more than the size of the monthly check. Claiming early may provide income sooner, but it generally means accepting a smaller monthly benefit. Waiting can increase the monthly benefit, but it also means using other resources in the meantime. Neither choice is automatically right or wrong. Like most good financial planning decisions, the answer depends on the plan.
A good Social Security claiming strategy should be coordinated with your broader retirement income planning. That includes portfolio withdrawals, tax planning in retirement, cash flow needs, health considerations, spouse or survivor benefits, and how long your money may need to last. In other words, Social Security should not be treated like a standalone decision. It is one valve in the irrigation system, not the whole farm.
For some households, taking Social Security earlier may reduce the need to draw heavily from investments during market volatility. For others, delaying benefits may help create a larger guaranteed income stream later in retirement. For married couples, the decision can become even more important because one spouse’s claiming age may affect survivor income down the road. And then there are taxes, which enjoy showing up to the party whether invited or not.
The goal is not simply to “maximize Social Security benefits” in isolation. The goal is to steward your resources wisely so your retirement income strategy supports your life, your family, your generosity, and your peace of mind. Sometimes that means waiting. Sometimes it does not. But it should always mean making the decision intentionally, with the rest of your financial life in view.
These are the opinions of Legacy Wealth Management, LLC and not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. Jeff Funderburk is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice. Copyright ©2026 Jeff Funderburk. All Rights reserved. Commercial copying, duplication or reproduction is prohibited.
